ICOs Are “Like Investing in a Casino in Exchange for Poker Chips”

[kreslik.news]

The financial regulator of the Canadian province of New Brunswick, the Financial and Consumer Services Commission, has issued a warning to local residents about investing in cryptocurrencies and initial coin offerings (ICOs).

“With initial coin offerings, there are no controls on how the money invested in them will be used,” said Jake van der Laan, the commission’s director of enforcement and chief information officer. “The investor receives tokens in exchange for their investment, but those tokens may only have value inside the proposed project. It is like investing in the construction of a casino in exchange for poker chips. But those poker ... (read more)